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Time of the Essence Clause Template

Time of the Essence Clause

BS.SCL.08

This Time of the Essence clause contains two options. The first makes time of the essence of the contract; the second states that time is not of the essence of the contract. Time being of the essence in a contract means that references to times, dates, and periods are conditions of the contract. Failure by one party to comply (e.g., to complete a particular task on time) can give the other party the right to terminate.

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